NASDAQ-listed Australian software company Atlassian has relocated its parent company from the UK to the US.

Atlassian (Nasdaq: TEAM) announced plans for the shift in February. The workplace collaboration company was originally founded in the UK in 2014, prior to its listing on the NASDAQ in 2015. At the time, the company said it was for excellent access to capital.

Atlassian now says the move to the US “will increase access to a wider group of investors, support inclusion in additional stock indices, improve comparability of financial reporting with industry peers, streamline corporate structure and provide greater flexibility in obtaining financial statements.” access to capital”.

The company said it does not expect any impact on its employees, day-to-day operations or services.

The UK’s Supreme Court last week approved the move, with Atlassian Corporation becoming the new Delaware-incorporated holding company for Atlassian Corporation Plc and its subsidiaries.

As a result, the last trading day of Class A common stock of Atlassian Corporation Plc on Nasdaq was September 30, with those Class A and Class B common stock canceled and exchanged for the corresponding class Atlassian Corporation common stock. Trading in those shares under the tickerTEAM began on Monday, October 3. Atlassian Corporation Plc became a subsidiary of Atlassian Corporation.

Atlassian Corporation is subject to the reporting requirements of the US Securities and Exchange Commission (SEC).

The past 12 months have been scorching for the share price of the 20-year-old company, which has never closed a financial year in the dark.

Atlassian stocks are down about 40% in the past year and have started a small rally in recent weeks, reaching a high of US$483 and a low of $159 in the past 52 weeks.

The declines wiped out about 25% – US$5 billion – of the personal wealth of co-founders Mike Cannon-Brookes and Scott Farquhar, which dropped from about US$20 billion in February to about US$14.7 billion today.

SEC filings show that both Cannon-Brookes Farquhar sold 8,614 Class A shares each Monday, worth approximately US$1.86 million each, as part of previously announced planned sales.

The shift to the US comes as Atlassian begins a recruiting campaign in Australia, seeking 1,032 R&D employees. A roadshow starting today in Sydney’s CBD travels to Canberra, Wollongong, Melbourne, Adelaide, Newcastle, Brisbane, Gold Coast and Sunshine Coast over the next three weeks to sell the Atlassian story to potential recruits.

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